In the figure above, the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110. At this point there is

When Frankie spends all his money in such a way that the marginal utility per dollar is the same for all final purchases of products he consumes, Frankie has maximized

A) his marginal utility. B) his total utility. C) the number of products he consumes. D) his total expenditure on all products.

Which of the statements best describes the difference between economic regulation and social regulation?

A) There are no significant differences between economic and social regulation, social regulation is a more modern way of regulating an economy. B) Economic regulation focuses on output and price; social regulation focuses on improving the quality of life. C) Social regulation focuses on output and price; economic regulation focuses on quality of life issues. D) Social regulation targets industries like transportation, while economic regulation targets utilities.